The economic crisis can be close to the end

Tuesday, 4 September 2012 12:27

It can be close at the end of the economic crisis – says CEO of the European Financial Stability Facility. Klaus Regling page in a Sunday interview, he said that Europe has been a year or two could end the crisis. In the euro area, “a few years” get over the crisis, when member states comply with the budgetary their commitments-said the temporary eurozone rescue fund, the European Financial Stability Facility (EFSF) CEO Klaus Regling Sunday, news magazines Der Spiegel in Germany. “If all the euro area countries strictly comply with commitments to public finance imports and to continue to improve the competitiveness, the crisis within a year or two to settle,” – said Regling.According to the CEO of the institution he has performed well in the third year of the crisis. Cheap financial support, or loans “Portugal and Ireland would not be in the euro area” – said the CEO. The EFSF was formed in May 2010 in the euro area countries, and in June last year increased to € 440 billion of the original rental capacity of 225 billion euros.The EFSF has no equity, loans issued its own bonds in the euro area countries covered by warranty. The warranty of the member states of the European Central Bank (ECB) in proportion to their contribution to equity share. The EFSF has been to Portugal, Ireland and Greece to borrow in the respective countries where the overall EU / IMF rescue programs,since July this year and targeted framework provided by the Spanish government to hold any capital banks to fill, but this has not yet been allocated. The fall line is a comprehensive program to help Cyprus.

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